Non-compete fees of capital nature entitled for depreciation as intangible asset

Serum Institute Of India Ltd. Vs. Addl.C.I.T. (ITAT Pune) ITA No.948/PN/2005. (Assessment Year: 2001-02), Date of Pronouncement: 18-01-2012. Non-compete fees of capital nature entitled for depreciation as intangible asset- In thie case ITAT held that the non-compete fees was in the nature of capital expenditure and entitled for depreciation as intangible asset under Section 32(1 )(ii) of the Act.  ITAT followed the  in view of the Chennai Tribunal’s decision in the case of Real Image Tech. Export turnover of Export Oriented Unit can be included in export turnover of business while determ...